USD/JPY breaks above 135.00 and hits one-week highs

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  • Widespread fall in sovereign bonds weakens the yen.
  • Japanese currency fails to get support even despite decline in equity markets.
  • USD/JPY recovers 135.00 and the 20-day moving average.

The USD/JPY is making steady progress and is trading at 135.25, the highest level in a week. The pair remains in the high zone ahead of the release of US economic data.

USD/JPY advance took the price above the 20-day moving average for the first time since late July. On the upside, the next resistance appears around 135.40/50, which if overcome would improve the outlook for the dollar.

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The rise in sovereign bond yields, fueled by the UK inflation data, is weighing on the yen, which is failing to gain favor even despite the drop in equity markets.

As far as data is concerned, Japan Foreign trade was reported for June, with a rise in exports of 19% compared to a year ago and 47.2% in imports. The trade deficit hit a record 2.13 trillion yen.

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Ahead, the economic calendar shows the US retail sales report for July at 12:30 GMT, a 0.1% rise is expected. In the afternoon of the American session it will be the turn of the minutes of the last meeting of the Federal Reserve where operators will look for signals to see the path of monetary policy.

Technical levels

USD/JPY

Panorama
Last Price Today 135.16
Today’s Daily Change 0.95
Today’s Daily Change % 0.71
Today’s Daily Opening 134.21
Trends
20 Daily SMA 134.64
50 Daily SMA 135.38
100 Daily SMA 131.56
200 Daily SMA 123.46
levels
Previous Daily High 134.69
Previous Daily Minimum 132.95
Previous Maximum Weekly 135.58
Previous Weekly Minimum 131.73
Monthly Prior Maximum 139.39
Previous Monthly Minimum 132.5
Daily Fibonacci 38.2% 134.02
Daily Fibonacci 61.8% 133.61
Daily Pivot Point S1 133.21
Daily Pivot Point S2 132.21
Daily Pivot Point S3 131.48
Daily Pivot Point R1 134.95
Daily Pivot Point R2 135.68
Daily Pivot Point R3 136.68

Source: Fx Street

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